March F&O expiry depicted a positive road ahead

On the last day of March F&O expiry, the total turnover came in at Rs 894804.78 crore, with traded contracts at 11742870. Out of this, Index futures and stock futures derived Rs 33,099.20 and Rs 1,17,889.18 crore respectively, while Index options and stock options contributed Rs 7,00,164.45 crore and Rs 43,651.96 crore respectively. The F&O Put/Call ratio stood at 0.95, of which index options was 0.99; while stock options was 0.47.

On March 30, Nifty witnessed remarkable Put writing at 9150 strike price. For April series, the maximum Put and Call Options’ Open Interest stand at 9000/8900 and 9500/9200 respectively.

The FIIs remained the net buyers of Rs 5165.65 crore in index F&O, of which index futures amounted to Rs 1244.16 crore; while index options stood at Rs 3921.49 crore. However, for stocks FIIs remained net sellers for Futures at Rs 1542.05 while net buyers for Options at Rs 261.92 crore.

With this, going forward, we can expect the Nifty to head higher and hit its all-time high levels of 9218. However, Nifty needs to cross 9280 for a better positive outlook, because 9280 would act as the resistance level where we may see higher Call writing strike. However, the medium-term to long-term approach remains positive with higher foreign investors and fund managers turning to India, it being one of the finest emerging markets. Rupee has also recovered substantially, post November.